In 2023, the global population of individuals worth $30 million or more saw a significant 8% increase, as reported by Altrata’s World Ultra Wealth Report 2024. The total number of ultra-high-net worth individuals now stands at 426,330, with their collective wealth soaring to $49 trillion, driven largely by a year-end stock rally. The United States
Wealth
Hugo Boss, a renowned German fashion house, faced a significant drop in its shares by up to 10% after revising its sales outlook. The company adjusted its full-year sales forecast to a range of up to 4.35 billion euros, down from the initial estimate of up to 4.45 billion euros. This downward revision was attributed
The traditional concept of wealth transfer, where assets are passed down from one generation to another, is undergoing a significant transformation with the rise of what is known as “horizontal wealth transfer.” This process involves the transfer of wealth within the same generation, predominantly between spouses and partners. As per a recent report, up to
The much-anticipated wedding of Anant Ambani, the youngest son of Mukesh Ambani, Asia’s wealthiest man, and Radhika Merchant, daughter of Viren Merchant, owner of Encore Healthcare, is set to take place in Mumbai this weekend. The three-day affair is said to be a grand celebration filled with opulence and luxury. The Star-studded Guest List The
The number of millionaires worldwide is predicted to increase over the next five years, according to the 2024 Global Wealth Report from UBS. The report states that the number of adults who own $1 million or more is expected to rise in 52 out of 56 developed and developing economies surveyed between 2023 and 2028.
Millennials are on the cusp of receiving the largest wealth transfer in history, estimated at a staggering $90 trillion over the next two decades. This is set to make them the wealthiest generation to date, surpassing the silent generation and baby boomers. However, the question remains, are millennials adequately equipped to handle this significant influx
Ferrari is notorious for its high-performance combustion engine sports cars, but the luxury automaker is making a bold move by entering the electric vehicle market. Ferrari CEO Benedetto Vigna recently revealed that the all-electric Ferrari model is in the works and is expected to be launched in the fourth quarter of 2025. Despite the electric
The latest research from Henley Private Wealth Migration Report highlights the United Arab Emirates (UAE) as the leading wealth magnet for the third consecutive year. An unprecedented net inflow of 6,700 millionaires from around the world is expected by the end of 2024, positioning the UAE at the forefront of global wealth migration. In comparison,
The $84 trillion Great Wealth Transfer expected to occur in the next 10 years will have a significant impact on different generations. While millennials and Generation Z are often highlighted as the primary beneficiaries of this transfer as baby boomers pass down their fortunes, a new study suggests that Generation X may actually receive the
Christina Lewis, the daughter of Reginald Lewis, founder of TLC Beatrice International, had a turbulent experience with wealth management at a very young age. After inheriting a large fortune following the sudden passing of her father, she navigated through six different institutional wealth managers and 12 relationship managers over the span of 30 years. This